HubSpot Inc (HUBS) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the HubSpot Q1 2025 earnings call. My name is Gigi, and I'll be your operator for today. (Operator Instructions)

下午好，歡迎參加 HubSpot 2025 年第一季財報電話會議。我叫 Gigi，今天我將擔任您的接線生。（操作員指示）

I would now like to hand the conference over to Senior Director of Investor Relations, Ryan Burkart. Please go ahead.

現在，我想將會議交給投資者關係高級總監 Ryan Burkart。請繼續。

Thanks, operator. Good afternoon, and welcome to HubSpot's first-quarter 2025 earnings conference call. Today, we'll be discussing the results announced in the press release that was issued after the market closed. With me on the call this afternoon is Yamini Rangan, our Chief Executive Officer; Dharmesh Shah, our Co-Founder and CTO; and Kate Bueker, our Chief Financial Officer.

謝謝，接線生。下午好，歡迎參加 HubSpot 2025 年第一季財報電話會議。今天，我們將討論市場收盤後發布的新聞稿中宣布的結果。今天下午與我一起參加電話會議的是我們的執行長 Yamini Rangan； Dharmesh Shah，我們的共同創辦人兼首席技術長；以及我們的財務長 Kate Bueker。

Before we start, I'd like to draw your attention to the Safe Harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended.

在我們開始之前，我想提請您注意今天的新聞稿中包含的安全港聲明。在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為符合經修訂的 1933 年證券交易法第 27A 節和經修訂的 1934 年證券交易法第 21E 節含義內的前瞻性聲明。

All statements other than statements of historical fact are forward-looking statements including those regarding management's expectations of future financial and operational performance and operational expenditures, expected growth, FX movement and business outlook, including our financial guidance for the second fiscal quarter and full year 2025. Forward-looking statements reflect our views only as of today and except as required by law, we undertake no obligation to update or revise these forward-looking statements.

除歷史事實陳述之外的所有陳述均為前瞻性陳述，包括關於管理層對未來財務和營運業績以及營運支出、預期增長、外匯走勢和業務前景的預期，包括我們對 2025 年第二財季和全年的財務指導。前瞻性陳述僅反映我們截至今天的觀點，除法律要求外，我們不承擔更新或修改這些前瞻性陳述的義務。

Please refer to the cautionary language in today's press release and our Form 10-Q, which will be filed with the SEC this afternoon for a discussion of the risks and uncertainties that could cause actual results to differ materially from expectations.

請參閱今天的新聞稿中的警示性語言和我們的 10-Q 表，該表將於今天下午提交給美國證券交易委員會，討論可能導致實際結果與預期存在重大差異的風險和不確定性。

During the course of today's call, we'll refer to certain non-GAAP financial measures as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed and a reconciliation of the differences between such measures can be found within our first-quarter 2025 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將參考 G 條例定義的某些非 GAAP 財務指標。與所使用或討論的每個非 GAAP 財務指標最直接可比較的 GAAP 財務指標以及這些指標之間差異的對帳可以在我們網站投資者關係部分的 2025 年第一季度收益新聞稿中找到。

Now, it's my pleasure to turn the call over to HubSpot's Chief Executive Officer, Yamini Rangan. Yamini?

現在，我很高興將電話轉給 HubSpot 的執行長 Yamini Rangan。亞米尼？

Thank you, Ryan, and welcome, everyone.

謝謝你，瑞安，歡迎大家。

Today, I'll focus on our Q1 2025 results and the key trends driving our performance. Then I'll highlight the clear momentum we are seeing with AI adoption, how our Spring Spotlight innovations are accelerating it, and why we believe HubSpot is uniquely positioned to lead and win with AI. Let's dive in.

今天，我將重點介紹我們的 2025 年第一季業績以及推動我們業績發展的關鍵趨勢。然後，我將重點介紹我們在人工智慧應用方面看到的明顯勢頭、我們的 Spring Spotlight 創新如何加速這一進程，以及為什麼我們相信 HubSpot 具有獨特的優勢，可以引領和贏得人工智慧的勝利。讓我們開始吧。

Q1 was a solid start for HubSpot with revenue growing 18% year over year in constant currency. Total customers grew by 19% to over 258,000 globally, fueled by over 10,000 net customer additions in the quarter. I'm also pleased to announce that our Board of Directors has authorized our first-ever share repurchase program with up to $500 million under authorization, a clear signal of the confidence we have in our business and the growth opportunity ahead.

第一季對於 HubSpot 來說是一個良好的開端，其營收以固定匯率計算年增 18%。本季淨增客戶超過 10,000 名，推動全球客戶總數成長 19%，達到 258,000 多名。我還很高興地宣布，我們的董事會已批准我們的首個股票回購計劃，授權金額高達 5 億美元，這清楚地表明了我們對我們的業務和未來成長機會的信心。

This trend is reflected in our Q1 results, driven by three consistent pillars: platform consolidation, upmarket expansion, and strength in customer acquisition down market. Let's start with platform consolidation.

這一趨勢反映在我們的第一季業績中，由三大支柱推動：平台整合、高端市場擴張和低階市場客戶獲取實力。讓我們從平台整合開始。

HubSpot's customer platform is becoming the clear choice for businesses looking to drive AI innovation while reducing total cost of ownership with a unified simpler tech stack. Over 37% of our Pro+ customers by ARR are using four or more hubs, up 7 points year over year. In Q1, we saw more new Pro+ customers start with our full platform than ever before. This is a clear signal that our platform for strategy is working.

HubSpot 的客戶平台正成為希望推動人工智慧創新同時透過統一、更簡單的技術堆疊降低整體擁有成本的企業的明確選擇。以 ARR 計算，超過 37% 的 Pro+ 客戶使用四個或更多集線器，較去年同期成長 7 個百分點。在第一季度，我們看到越來越多的新 Pro+ 客戶開始使用我們的完整平台。這清楚地表明我們的戰略平台正在發揮作用。

In upmarkets, we continue to see real momentum driven by product innovation and go-to-market execution. We delivered key enterprise-grade functionality that larger customers need including journey orchestration in Marketing Hub Enterprise to run sophisticated workflows, enhance sandbox functionality to support complex implementations, and the launch of three new data centers in Sydney, Oregon, and Montreal.

在高端市場，我們繼續看到由產品創新和市場進入執行所推動的真正動力。我們提供了大型客戶所需的關鍵企業級功能，包括 Marketing Hub Enterprise 中的旅程編排以運行複雜的工作流程、增強沙盒功能以支援複雜的實施，以及在雪梨、俄勒岡和蒙特利爾啟動三個新的資料中心。

As a result, large deal growth was strong, up 23% year over year with clear momentum among our installed base. Our partners continue to be a key driver of market with cost selling up 41% in Q1. In that market, we see strength in customer acquisition, driven by pricing changes and improvements in the Free to Starter conversion. We made our product easy to buy and easy to upgrade, and those changes are a clear tailwind. Free to Starter conversion is up year over year, driven by better onboarding, product improvements, and flexible monthly payment options.

因此，大額交易成長強勁，年增 23%，我們的安裝基礎動能明顯。我們的合作夥伴繼續成為市場的主要推動力，第一季成本銷售額成長了 41%。在該市場中，我們看到了客戶獲取的強勁成長，這得益於價格變化和免費到入門轉換的改進。我們使我們的產品易於購買和升級，這些變化顯然是順風。由於更好的入職培訓、產品改進和靈活的每月付款方式，免費到入門版的轉換率逐年上升。

Our smart CRM and core seat offerings are gaining strong traction, expanding our reach beyond traditional personas to include ops, admin, and finance users who need powerful editing capabilities. 24% of our Pro+ customers on the seats model have purchased additional core seats. It's rewarding to see customers scale with HubSpot, and the consistency of our results shows our platform is delivering real value.

我們的智慧 CRM 和核心席位產品正獲得強勁的吸引力，將我們的覆蓋範圍從傳統角色擴展到包括需要強大編輯功能的操作、管理和財務用戶。我們 24% 的 Pro+ 座位模式客戶購買了額外的核心座位。看到客戶透過 HubSpot 擴大規模是令人欣慰的，而且我們所取得的成果的一致性表明我們的平台正在提供真正的價值。

Before we move into AI innovation, I want to acknowledge the macro environment. Uncertainty remains the constant. We entered the year with more growth conversations. And while that has not shifted dramatically, we are seeing a sharper focus on value. HubSpot is built for moments like these, and we have a proven playbook to communicate value.

在我們討論人工智慧創新之前，我想先了解一下宏觀環境。不確定性始終存在。進入新的一年，我們進行了更多有關成長的對話。儘管這種狀況並沒有顯著變化，但我們看到人們更加關注價值。HubSpot 就是為這樣的時刻而建構的，我們擁有一套行之有效的策略來傳達價值。

As a crafted customer platform, we help businesses consolidate tools, cut costs, and unlock the power of a unified customer view. Our ease of use and fast time to value allow customers to onboard quickly and see results. With AI embedded across all hubs, we deliver immediate efficiency, and we believe that AI's value is amplified further when companies prioritize driving productivity. In uncertain times, HubSpot is the predictable choice for scaling businesses.

作為一個精心設計的客戶平台，我們幫助企業整合工具、削減成本並釋放統一客戶視圖的力量。我們的易用性和快速的價值實現時間使客戶能夠快速加入並看到結果。透過在所有中心嵌入人工智慧，我們可以立即提高效率，我們相信，當公司優先提高生產力時，人工智慧的價值會進一步放大。在不確定的時期，HubSpot 是擴展業務的可預測選擇。

With that, let's shift gears and talk about AI innovation and momentum. Our AI strategy has been clear. We will embed AI into every hub and every part of the platform. One product, one AI first customer platform, no bolt-ons. We have executed against that strategy by introducing hundreds of embedded features across hubs, launching Copilot to help go-to-market teams get work done faster, and rolling out agents that can do the work for them. We have reinforced the strategy through strategic acquisitions, including Frame.ai and Dashworks to accelerate our roadmap. And that strategy is working.

有了這些，讓我們換個話題，談談人工智慧的創新和發展動能。我們的人工智慧策略已經很明確了。我們將把人工智慧嵌入平台的每一個樞紐和每一個部分。一款產品，一個 AI 優先客戶平台，無需任何附加組件。我們按照這項策略實施，在各個中心引入了數百種嵌入式功能，推出了 Copilot 來幫助上市團隊更快地完成工作，並推出了可以為他們完成工作的代理商。我們透過策略性收購強化了這項策略，包括收購 Frame.ai 和 Dashworks，以加速我們的發展路線圖。這一策略正在發揮作用。

Over the past year, Content Hub attach rates have tripled and Service Hub adoption has improved because of embedded AI. Copilot adoption has accelerated with the number of users who have engaged with Copilot more than doubling from 270,000 users in Q4 to over 660,000 in Q1. Our agents are gaining traction.

在過去的一年裡，由於嵌入式人工智慧，內容中心的附加率增加了兩倍，服務中心的採用率也提高了。Copilot 的採用速度加快，使用 Copilot 的用戶數量增加了一倍多，從第四季度的 27 萬名用戶增加到第一季的 66 萬多名。我們的代理商正在獲得關注。

Customer agent adoption has doubled in three months, now serving over 2,500 customers with average resolution rates of over 50% and some seeing 80% AI resolution. Service of customers with customer agents closed tickets 39% faster than customers not using it. Prospecting agent now in public beta automatically researches target accounts, personalizes outreach, and engages prospects to help sales teams grow pipeline. We now have over 2,300 customers activating or prospecting agent, signaling clear demand.

客戶代理的採用率在三個月內翻了一番，目前為超過 2,500 名客戶提供服務，平均解決率超過 50%，有些客戶的 AI 解決率甚至達到 80%。擁有客服代理的客戶的辦票速度比沒有使用客服代理的客戶的辦票速度快 39%。目前處於公開測試階段的勘探代理商會自動研究目標帳戶、個人化外展並吸引潛在客戶，以協助銷售團隊擴大管道。目前，我們有超過 2,300 名客戶正在啟動或尋找代理，這表明需求明確。

These wins are important, not just because they show clear adoption and value, but because they validate a core belief. Our customers want AI embedded within HubSpot, not bolted on. Many have organizational mandates to drive AI initiatives and appreciate our ease of use and fast time to value. We are doubling down on customer agent because it's driving real results. We're seeing clear product market fit.

這些勝利很重要，不僅因為它們顯示了明確的採用和價值，還因為它們驗證了核心信念。我們的客戶希望 AI 嵌入 HubSpot 中，而不是附加在 HubSpot 上。許多組織都要求推動人工智慧計劃，並欣賞我們的易用性和快速的價值實現時間。我們正在加倍重視客戶代理，因為這將帶來真正的成果。我們看到了明顯的產品市場契合度。

And therefore, in June, we are expanding it beyond Service Hub to all Pro and Enterprise customers across every hub. What's been fascinating is how customers are using customer agent across the entire journey, not just for post-sale support. Whether answering marketing questions like where is your next webinar or sales questions like, how does your pricing work, customer agent is already delivering value at every stage of the customer journey. And that's why we believe customer agent will become the single most important AI agent.

因此，我們將於 6 月將其從 Service Hub 擴展到每個中心的所有 Pro 和 Enterprise 客戶。令人著迷的是，客戶在整個旅程中都使用客戶代理，而不僅僅是售後支援。無論是回答行銷問題（例如您的下一次網路研討會在哪裡舉行）還是銷售問題（例如您的定價如何運作），客戶代理已經在客戶旅程的每個階段提供價值。這就是為什麼我們相信客戶代理將成為最重要的人工智慧代理。

Every business will adopt and the easiest way for companies to scale with AI. Starting June 2, Breeze customer agent will be available through our existing credit-based system. The same simple model we introduced at INBOUND with Breeze Intelligence.

每個企業都會採用人工智慧，這是企業利用人工智慧進行擴展的最簡單方法。從 6 月 2 日起，Breeze 客戶代理將透過我們現有的基於信用的系統提供服務。我們在 INBOUND 上與 Breeze Intelligence 合作推出了相同的簡單模型。

Here's how it's going to work. To make it easy for customers to get started, Pro and Enterprise customers will receive a monthly allotment of credits included in their subscription. This means they can begin using customer agent immediately at no extra cost. After seeing success and want to scale, customers can purchase additional credits, either in flexible amount or in easy to choose packs giving them full control and predictability over their spend. This is just a step in our broader strategy to monetize AI using both seats and credit.

它的工作原理如下。為了讓客戶輕鬆上手，Pro 和 Enterprise 客戶將獲得包含在訂閱中的每月信用額度。這意味著他們可以立即開始使用客戶代理，而無需支付額外費用。在看到成功並希望擴大規模後，客戶可以購買額外的積分，金額靈活，也可以選擇易於選擇的套餐，從而讓他們完全控制和預測自己的支出。這只是我們利用席位和信用將人工智慧貨幣化的更廣泛策略中的一步。

Over time, we'll extend credit-based pricing to other AI agents and features, staying true to our philosophy of delivering value before monetizing. While we believe this approach will be a strong long-term growth driver, because we're launching this midyear and adoption will take time to ramp, we do not expect a material impact to our 2025 revenue from this change.

隨著時間的推移，我們將把基於信用的定價擴展到其他人工智慧代理商和功能，堅持在貨幣化之前提供價值的概念。雖然我們相信這種方法將成為強勁的長期成長動力，但由於我們在今年年中推出，採用需要時間來提升，我們預計這項變更不會對我們 2025 年的收入產生重大影響。

Okay, let's talk about how we are sustaining our AI momentum. We've continued to innovate rapidly and released over 200 new features at our first-ever in-person Spring Spotlight event. Our innovations focused on three clear themes: deeply embedding AI across the customer journey, advancing multi-agent orchestration, and driving upmarket scalability.

好的，讓我們來談談如何保持我們的人工智慧發展動能。我們繼續快速創新，並在首次面對面的 Spring Spotlight 活動中發布了 200 多項新功能。我們的創新集中在三個明確的主題：在客戶旅程中深度嵌入人工智慧、推進多代理編排以及推動高端市場的可擴展性。

We have significantly enhanced customer agent, prospecting agent, and content agent to help customers market, sell, and support better. For example, content agents now proactively suggest block topics, learned from marketeer-provided context and automates internal blog linking, creating high-quality targeted content faster. Prospecting agent now combines HubSpot and external data to personalize outreach delivering insights directly into sales workspace.

我們顯著增強了客戶代理、勘探代理和內容代理，以幫助客戶更好地行銷、銷售和支援。例如，內容代理現在可以主動建議區塊主題，從行銷人員提供的背景中學習並自動化內部部落格鏈接，從而更快地創建高品質的目標內容。潛在客戶代理現在結合 HubSpot 和外部資料來個人化外展，將見解直接傳遞到銷售工作區。

Now, as we lead the way in agent to human collaboration, we are taking a major leap forward with agent-to-agent orchestration. A shift, we believe, will define how work gets done in the future. At Spring Spotlight, we introduced knowledge-based agent, a breakthrough in multi-agent orchestration. As we watch customer agent adoption closely, we saw a clear pattern: customers with strong well-documented knowledge bases achieved the highest AI resolution rates.

現在，隨著我們在代理與人類協作方面處於領先地位，我們在代理與代理之間的協調方面取得了重大飛躍。我們相信，轉變將決定未來的工作完成方式。在 Spring Spotlight 上，我們引入了基於知識的代理，這是多代理編排領域的突破。當我們密切關注客戶代理的採用情況時，我們發現了一個清晰的模式：擁有強大且記錄良好的知識庫的客戶實現了最高的 AI 解決率。

And to help more customers succeed, we built knowledge-based agent to work alongside customer agent, automatically identifying knowledge gaps and drafting new articles from unstructured data like support tickets, calls, and e-mails. This is agent-to-agent orchestration in action: two agents working together using unified HubSpot data to deliver faster results.

為了幫助更多客戶取得成功，我們建立了基於知識的代理，與客戶代理一起工作，自動識別知識差距，並從支援票、電話和電子郵件等非結構化資料中起草新文章。這是代理到代理的協調實際操作：兩個代理程式使用統一的 HubSpot 資料協同工作以更快地提供結果。

Alongside these AI advances, we have expanded our enterprise capabilities with powerful new features like localized list, journey automation, and multi-account management in Marketing Hub Enterprise, plus enhanced workspaces for sales, service, and customer success teams. Together, these innovations give customers the confidence that by choosing HubSpot, they are AI first and are future-proofing their business for what's next.

除了這些人工智慧的進步之外，我們還透過強大的新功能擴展了我們的企業能力，例如 Marketing Hub Enterprise 中的本地化清單、旅程自動化和多帳戶管理，以及增強的銷售、服務和客戶成功團隊的工作空間。總而言之，這些創新讓客戶相信，透過選擇 HubSpot，他們首先擁有人工智慧，並為未來的業務做好了準備。

Our approach to AI is differentiated, and that is what will set HubSpot apart. We unify structured, unstructured, and external data at scale, giving our AI a richer, more complete foundation. We layer deep context across the entire customer journey, brand on voice, customer interactions, something only a true platform, not point solutions or agents can deliver.

我們對人工智慧的方法是與眾不同的，這就是 HubSpot 與眾不同之處。我們大規模地統一結構化、非結構化和外部數據，為我們的人工智慧提供更豐富、更完整的基礎。我們在整個客戶旅程、語音品牌、客戶互動中分層提供深層背景，這是只有真正的平台才能提供的，而不是點解決方案或代理商可以提供的。

With nearly two decades of experience serving SMBs, we understand exactly what growing businesses need from AI and we're building features and agents that deliver real outcomes, not complexity. And through Agent.AI, we are incubating a vibrant AI agent ecosystem already engaging over 1.7 million users and 17,000 agent builders. We uniquely bring together data, context, customer focus, and ecosystem innovation. And that's why we're positioned to lead the next era of AI-powered growth.

憑藉近二十年為中小企業提供服務的經驗，我們清楚地了解成長型企業對人工智慧的需求，並且我們正在建立能夠帶來實際成果而非複雜性的功能和代理。透過 Agent.AI，我們正在孵化一個充滿活力的 AI 代理生態系統，目前已擁有超過 170 萬用戶和 17,000 名代理商建構者。我們以獨特的方式將數據、背景、客戶關注和生態系統創新結合在一起。這就是我們為何要引領下一個人工智慧驅動的成長時代。

With that, I'll hand it over to our CFO, Kate Bueker, to walk you through our financial and operating results. Kate?

接下來，我將把話題交給我們的財務長 Kate Bueker，讓她向您介紹我們的財務和營運績效。凱特？

Thanks, Yamini.

謝謝，Yamini。

Let's turn to our first-quarter 2025 financial results. Q1 revenue grew 18% year over year in constant currency and 16% on an as-reported basis. Subscription revenue grew 16% year over year while services and other revenue increased 13% on an as-reported basis. Q1 domestic revenue grew 16% year over year. International revenue growth was 19% in constant currency and 15% as reported, representing 47% of total revenue.

讓我們來看看 2025 年第一季的財務表現。以固定匯率計算，第一季營收年增 18%，按報告計算，成長 16%。訂閱收入年增 16%，服務和其他收入年增 13%。第一季國內營收年增16%。國際營收以固定匯率計算成長 19%，報告營收成長 15%，佔總營收的 47%。

We added over 10,000 net new customers in Q1, modestly above our expectations and ended the quarter with a total of 258,000 customers, growing 19% year over year. Average subscription revenue per customer was $11,000 in Q1, down 2% year over year in constant currency and 4% on an as-reported basis. Over the next few quarters, we expect net additions to moderate to roughly 9,000 and ASRPC growth to be approximately flat.

我們在第一季新增了超過 10,000 名淨新客戶，略高於我們的預期，本季結束時共有 258,000 名客戶，較去年同期成長 19%。第一季每位客戶的平均訂閱收入為 11,000 美元，以固定匯率計算年減 2%，以報告基礎計算下降 4%。在接下來的幾個季度中，我們預計淨增人數將放緩至約 9,000 人，而 ASRPC 成長率將基本持平。

We continued to see healthy customer dollar retention in Q1 holding in the high 80s. Net revenue retention was 102% in Q1, down 2 points sequentially as expected. For the full year of 2025, we continue to expect net revenue retention to be up a couple of points year over year, primarily driven by the impact of our seats-based pricing model change. Calculated billings were $767 million in Q1, growing 18% year over year in constant currency and 20% on an as-reported basis.

我們繼續看到第一季客戶美元保留率保持在 80 多美元的健康水平。第一季淨收入留任率為 102%，季減 2 個百分點，符合預期。對於 2025 年全年，我們仍然預計淨收入保留率將同比增長幾個百分點，這主要受到基於座位的定價模式變化的影響。第一季計算出的帳單金額為 7.67 億美元，以固定匯率計算年增 18%，以報告基礎計算成長 20%。

The remainder of my comments will refer to non-GAAP measures. Q1 operating margin was 14%, down 1 point compared to the year-ago period. As a reminder, there was a 1 point headwind to operating margins due to an increased company match rate for our 401(k) contributions that shifts more costs earlier in the year.

我其餘的評論將涉及非公認會計準則衡量指標。第一季營業利益率為14%，較去年同期下降1個百分點。提醒一下，由於公司對我們 401(k) 繳款的匹配率提高，導致今年早些時候的更多成本轉移，導致營業利潤率下降了 1 個百分點。

Net income was $96 million in Q1 or $1.78 per fully diluted share. Free cash flow was $122 million or 17% of revenue in Q1. Finally, our cash and marketable securities totaled $2.2 billion at the end of March. As Yamini shared, our Board has authorized HubSpot's first ever share repurchase program of up to $500 million over the next 12 months. This reflects our strong conviction in our long-term opportunity and our commitment to delivering shareholder value.

第一季淨收入為 9,600 萬美元，即每股 1.78 美元。第一季自由現金流為 1.22 億美元，佔營收的 17%。最後，截至三月底，我們的現金和有價證券總額為22億美元。正如 Yamini 所說，我們的董事會已批准 HubSpot 在未來 12 個月內首次實施高達 5 億美元的股票回購計畫。這體現了我們對長期機會的堅定信念以及對實現股東價值的承諾。

We will continue to prioritize investments in organic innovation and remain selective with strategic M&A. Our healthy balance sheet and strong free cash flow gives us the flexibility to settle our convertible bond in June and execute this repurchase program, which will help offset dilution.

我們將繼續優先投資有機創新，並選擇性地進行策略併購。我們健康的資產負債表和強勁的自由現金流使我們能夠靈活地在六月結算可轉換債券並執行此回購計劃，這將有助於抵消稀釋。

Before I move into guidance, I want to touch quickly on the macro environment. I think Yamini said it perfectly. Uncertainty remains the only constant. While we haven't seen a significant change in our business trends, we are seeing a heightened focus on value and a higher level of uncertainty regarding the economic environment, which we expect to persist through the remainder of the year.

在我開始指導之前，我想快速談談宏觀環境。我認為 Yamini 說得非常完美。唯一不變的是不確定性。雖然我們的業務趨勢沒有重大變化，但我們看到人們對價值的關注度有所提高，經濟環境的不確定性也有所增加，我們預計這種情況將持續到今年剩餘時間。

With that, let's dive into guidance for the second quarter and full year of 2025. For the second quarter, total as-reported revenue is expected to be in the range of $738 million to $740 million, up 16% year over year in both constant currency and on an as-reported basis.

有了這些，讓我們深入了解 2025 年第二季和全年的指導。第二季度，總報告收入預計將在 7.38 億美元至 7.4 億美元之間，以固定匯率和報告基礎計算，年增 16%。

Non-GAAP operating profit is expected to be between $124 million and $125 million, representing a 17% operating profit margin. Non-GAAP diluted net income per share is expected to be between $2.10 and $2.12. This assumes 53.2 million fully diluted shares outstanding. And for the full year of 2025, total as-reported revenue is now expected to be in the range of $3.036 billion to $3.044 billion, up 16% year over year in both constant currency and on an as-reported basis.

非公認會計準則營業利潤預計在 1.24 億美元至 1.25 億美元之間，營業利潤率為 17%。非公認會計準則每股攤薄淨收益預計在 2.10 美元至 2.12 美元之間。假設完全稀釋後流通股數為 5,320 萬股。而對於 2025 年全年而言，預計報告總收入將在 30.36 億美元至 30.44 億美元之間，以固定匯率和報告基礎計算，年增 16%。

Non-GAAP operating profit is now expected to be between $558 million and $562 million, representing an 18% operating profit margin. Non-GAAP diluted net income per share is now expected to be between $9.29 and $9.37. This assumes 53.3 million fully diluted shares outstanding. As you adjust your models, please keep in mind the following: our EPS guidance includes the impact from both the planned convertible bond settlement and our share repurchase program.

目前預計非公認會計準則營業利潤在 5.58 億美元至 5.62 億美元之間，營業利益率為 18%。目前預計非公認會計準則每股攤薄淨收益在 9.29 美元至 9.37 美元之間。假設已發行 5,330 萬股完全稀釋股票。在調整模型時，請記住以下幾點：我們的每股盈餘指引包括計畫中的可轉換債券結算和我們的股票回購計畫的影響。

We expect the repurchase program to be slightly dilutive to EPS in the second half of 2025 due to the lower interest income from reduced cash. That said, the reduction in share count will build over the next 12 months to offset the lower interest income. We continue to expect CapEx as a percentage of revenue to be roughly 5% and now expect free cash flow to be about $570 million for the full year of 2025 with seasonally stronger free cash flow in Q4.

我們預計，由於現金減少導致利息收入降低，回購計畫將對 2025 年下半年的每股盈餘產生輕微稀釋作用。也就是說，未來 12 個月內股票數量的減少將逐漸抵銷利息收入的下降。我們繼續預期資本支出佔收入的百分比約為 5%，目前預計 2025 年全年自由現金流約為 5.7 億美元，第四季的自由現金流將因季節性而更加強勁。

With that, I will turn the call back over to Yamini.

說完這些，我會把電話轉回給 Yamini。

Thank you so much, Kate.

非常感謝，凱特。

As we close, I want to express my heartfelt gratitude to Brian Halligan, our Co-Founder, who has decided to transition from his role as Executive Chair to a regular member of our Board. After 3.5 years as Executive Chair, Brian is stepping back to devote more time to his work with Sequoia, Propeller Ventures, and his teaching role at MIT.

最後，我要向我們的共同創辦人 Brian Halligan 表示衷心的感謝，他決定從執行主席的職位轉變為我們董事會的正式成員。在擔任執行主席三年半之後，Brian 決定退出，將更多時間投入到他在紅杉資本、Propeller Ventures 的工作以及在麻省理工學院的教學工作中。

I am very grateful for Brian's support, guidance and investment in me during his time as Executive Chair. Brian will continue to serve as a Board member, a founder, and a large shareholder, supporting HubSpot from the boardroom. Lorrie Norrington, our long-standing lead Independent Director, will assume the Board Chair role.

我非常感謝 Brian 擔任執行主席期間對我的支持、指導和投資。Brian 將繼續擔任董事會成員、創辦人和大股東，在董事會上為 HubSpot 提供支援。我們的長期首席獨立董事 Lorrie Norrington 將擔任董事會主席。

I want to thank our customers, our partners, and investors for their continued support and a huge, huge thank you to all HubSpotters around the world for staying focused on solving for our customers every single day.

我要感謝我們的客戶、合作夥伴和投資者的持續支持，並衷心感謝全球所有 HubSpotters 每天專注於為我們的客戶解決問題。

With that, operator, let's please open up the call for questions.

接線員，請容許我們開始提問環節。

(Operator Instructions) Mark Murphy, JPMorgan.

（操作員指示）摩根大通的馬克·墨菲。

So Dharmesh, I was hoping you could give us an update on Agent.AI and just as part of that, there was some talk about multi-agent orchestration. How are you doing that across the hubs? So for instance, an agent in Marketing Hub, how will it talk to an agent in Sales Hub? I'm trying to understand if you're going to use something like model context protocol or some other communication mechanism. And then I have a quick follow-up.

所以 Dharmesh，我希望你能向我們介紹 Agent.AI 的最新情況，其中有一些關於多代理編排的討論。您如何在各個中心實現這項目標？例如，行銷中心的代理商如何與銷售中心的代理商對話？我想了解您是否要使用類似模型上下文協定或其他通訊機制。然後我有一個快速的跟進。

So on the Agent.AI front, as the Yamini mentioned, Agent.AI is one of our innovation bets. And the thesis behind the bet is that the future is going to consist of tens of thousands and hundreds of thousands of agents all collaborating and working with each other to accomplish higher order goals. And so our kind of goal behind Agent.AI is to kind of empower seasoned builders to build this next generation of agents, and we're really pleased with the progress that that innovation has made.

因此，在 Agent.AI 方面，正如 Yamini 所提到的，Agent.AI 是我們創新的賭注之一。賭注背後的論點是，未來將由成千上萬的代理人組成，他們相互合作、共同努力，以實現更高層次的目標。因此，Agent.AI 背後的目標是讓經驗豐富的建構者能夠建立下一代代理，我們對這項創新所取得的進展感到非常滿意。

Now, one of the ways I think these agent-to-agent collaborations will happen is with what's called model context protocol, which you brought up. And what model context protocol is, is an open standard that defines how AI applications and agents can communicate with a variety of tools and back ends and services. And so this benefits HubSpot in a couple of ways.

現在，我認為這些代理程式到代理協作將實現的方式之一是使用您提到的所謂的模型上下文協定。模型上下文協定是一個開放標準，它定義了人工智慧應用和代理如何與各種工具、後端和服務進行通訊。這在幾個方面對 HubSpot 有利。

One is, earlier this week, I'm super proud the team launched into public beta or MCP server support, which allows any AI application current in the future to be able to communicate with HubSpot's back end over a natural language interface within an LLM. And so with this unlocked potential, is that now, HubSpot can be used by all sorts of applications, they can get to that data easily.

首先，本週早些時候，我非常自豪團隊推出了公開測試版或 MCP 伺服器支持，這使得未來的任何 AI 應用程式都能夠透過 LLM 內的自然語言介面與 HubSpot 的後端進行通訊。因此，有了這種釋放的潛力，現在 HubSpot 可以被各種應用程式使用，並且可以輕鬆取得這些資料。

So think of it as a next-generation API. So past APIs were built for classic applications, model context protocol allows agents to be able to consume spot services. The flip side of it is HubSpot will also be an MCP client. This will allow us to then interact with all of the third-party systems that are out there and be able to bring that data into our normalized hybrid structured, unstructured form.

所以可以將其視為下一代 API。因此，過去的 API 是為經典應用程式構建的，模型上下文協定允許代理能夠使用現場服務。另一方面，HubSpot 也將成為 MCP 用戶端。這將使我們能夠與現有的所有第三方系統進行交互，並能夠將這些數據帶入我們規範化的混合結構化、非結構化形式。

So it kind of expands broadly the footprint of data that we will have access to. So we're super excited both by the kind of agent network as represented by Agent.AI and the opportunity that MCP, the model context protocol unlocks.

因此，它在很大程度上擴展了我們可以存取的資料範圍。因此，我們對 Agent.AI 所代表的代理網路以及模型上下文協議 MCP 所釋放的機會感到非常興奮。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Maybe, Kate, for you, just as I think about the revised guidance, it's obviously impressive, but it now implies a different shape of growth as the year progresses than where we started. And so I was wondering if you could maybe just help us contextualize how we should think about the quarterly progression?

凱特，也許對你來說，正如我所想到的修訂後的指導方針一樣，它顯然令人印象深刻，但隨著時間的推移，它現在意味著與我們開始時不同的增長形態。所以我想知道您是否可以幫助我們理解我們應該如何看待季度進展？

And then maybe related, just on the margin side, sticking with guidance, how much you're absorbing in terms of OpEx from M&A? Because I'm guessing you would have revised that maybe higher otherwise. Just maybe help us understand that guidance just a little bit better. Thank you so much.

然後也許相關的是，僅在利潤方面，堅持指導，您在併購方面吸收了多少營運支出？因為我猜不然的話你可能會將其修改得更高。也許可以幫助我們更好地理解該指導。太感謝了。

Sure thing. I would just maybe start, Samad, by saying, well, there are maybe a little bit more complex pieces to the puzzle. The way that we've approached guidance for this quarter is very much consistent with the way we always approach guidance. So maybe I'll take you through the pieces and it will help a little bit here.

當然可以。薩馬德，我首先想說的是，這個謎題可能還有一些更複雜的部分。我們對本季的指導方針與我們一貫的指導方針非常一致。所以也許我會帶你去了解這些部分，這會有點幫助。

I think you're well aware, foreign exchange has been quite volatile. Since we reported our earnings in February, the US dollar has weakened pretty meaningfully which is favorable to our as-reported revenue results. And we flowed this through to our full-year guidance. So we flowed through $50 million of FX upside, which is all of the movement that we saw in rates between February and today.

我想您很清楚，外匯一直都非常不穩定。自從我們二月報告收益以來，美元已大幅貶值，這對我們報告的收入結果有利。我們將此納入全年指導之中。因此，我們流入了 5000 萬美元的外匯上行資金，這是我們從二月到今天看到的所有匯率變動。

That said, we did not flow through our Q1 outperformance into the full-year outlook. And the decision not to do that is really a reflection of the increased macro uncertainty that you heard both Yamini and I talk about in the prepared remarks.

話雖如此，我們並沒有將第一季的優異表現納入全年展望。而不這樣做的決定實際上反映了宏觀不確定性的增加，正如亞米尼和我在準備好的演講中談到的那樣。

A couple of things maybe just to highlight as you think about our full year guide, Yamini said it pretty clearly. We have not seen any material headwinds to the business through April, but the environment is obviously highly uncertain and were actively monitoring trends in the business.

當您考慮我們的全年指南時，也許有幾件事需要強調，Yamini 說得很清楚。截至四月份，我們尚未看到業務面臨任何重大阻力，但環境顯然高度不確定，我們正在積極監控業務趨勢。

Secondly, like, as always, our guidance is going to reflect a range of scenarios that we run in preparation for this call. We have not assumed a full-scale downturn in the economic situation this year. But we do believe that our revised outlook is appropriately prudent, and it really does reflect sort of a confident view of the business that we see today. In terms of the operating profit side and the impact of M&A, it's honestly very small.

其次，與往常一樣，我們的指導將反映我們為準備此次電話會議而運行的一系列場景。我們並沒有認為今年經濟情勢會全面下滑。但我們確實相信，我們修改後的展望是適當審慎的，而且它確實反映了我們對今天所看到的業務的某種信心。從營業利潤和併購的影響來看，說實話非常小。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Two questions. One, Dharmesh, if I can follow up on Mark Murphy's earlier question on Agent.Ai. Is it right to assume that the experience of an agent that's coming into HubSpot or Agent.AI is going to be the same or not materially different than the agents that HubSpot is building -- that you're building yourself? Or are there differences that we should be thinking about just in terms of the customer experience and how that gets developed?

兩個問題。首先，Dharmesh，我可以跟進一下 Mark Murphy 之前關於 Agent.Ai 的問題嗎？是否可以假設加入 HubSpot 或 Agent.AI 的代理程式的體驗與 HubSpot 正在建置的代理程式（您自己正在建置的代理程式）相同或沒有實質差異？或者我們應該從客戶體驗及其發展方式的角度來考慮差異？

And then one just on the macro. I know you pointed out a little bit of customers are facing higher -- or putting higher focus on value. I'm curious if you're seeing certain verticals, certain end markets or certain types of customers be more hesitant than others? Is there any way to kind of just get a little bit more granular into where you're seeing the higher focus on value thus far?

然後只討論宏。我知道您指出有些客戶面臨更高的要求——或者更注重價值。我很好奇，您是否發現某些垂直行業、某些終端市場或某些類型的客戶比其他客戶更猶豫？有沒有什麼方法可以更詳細地了解您迄今為止看到的對價值的更高關注點？

Let me start with this, and then I'll have Dharmesh step in on the agent. I'll start with the overall macro question that you have. As we've said a couple of times here, we have not seen significant changes in demand patterns, and that holds true by industry and segment and geography. Across all of those, we're seeing very similar patterns across that board.

讓我從這個開始，然後我會讓 Dharmesh 介入代理。我將從您提出的整體宏觀問題開始。正如我們在這裡多次提到的那樣，我們並沒有看到需求模式發生重大變化，無論是行業、領域還是地區。在所有這些中，我們看到了非常相似的模式。

Now look, I think there's just a broader narrative that SMBs may be disproportionately impacted by economic downturn. And while we'll never say never, we simply have not seen that play out in the business over the last few years. And we've kind of been through a lot of pandemic, a downturn and macro uncertainty and the reason for that is that we are a platform that is a must-have. We're not just a nice to have.

現在看，我認為更廣泛的說法是，中小企業可能會受到經濟衰退的不成比例的影響。儘管我們永遠不會說永遠不會，但在過去幾年中，我們確實沒有看到這種情況在業務中發生。我們經歷了許多疫情、經濟衰退和宏觀不確定性，這是因為我們是一個必不可少的平台。我們不只是一個可有可無的人。

And we're kind of the nerve center of our customers' revenue-generating activities. And the platform that they rely on to connect to their end customers and grow and our customer base is broad and diverse. And so we're not reliant on one industry, one geography, or a specific segment. And because of that broad customer base, the results tend to be very resilient.

我們是客戶創收活動的神經中樞。他們依靠該平台與最終客戶建立聯繫並不斷發展，我們的客戶群廣泛而多樣化。因此，我們並不依賴某個產業、某個地區或某個特定領域。而且由於客戶基礎廣泛，業績往往非常有彈性。

Now, you asked a question in terms of agents. Maybe I'll start with explaining our strategy. Our AI strategy is to embed AI deeply into every hub and across the whole platform, to deliver a copilot, which is a digital assistant for all front office employees, and to deliver a set of agents that are first-party agents that we're building that can help our customers accomplish work.

現在，您問了一個有關代理的問題。也許我應該先解釋一下我們的策略。我們的人工智慧策略是將人工智慧深度嵌入到每個中心和整個平台中，為所有前台員工提供副駕駛（數位助理），並提供一組我們正在建立的第一方代理，幫助我們的客戶完成工作。

So we're building an agent platform, and that takes all of the unified structured, unstructured data and the context we have across our 258,000 customers and brings that to [bear]. That is kind of our strategy from a core agentic delivery of value from our customers' perspective.

因此，我們正在建立一個代理平台，它將我們 258,000 名客戶的所有統一結構化、非結構化資料和上下文整合到[熊]。這是我們以核心代理方式從顧客角度交付價值的策略。

Now as Dharmesh explained, we also have an innovation bet where we want to have an ecosystem of vibrant developers of agents, and we're certainly looking at that. But the core part of our strategy is to build customer agent, prospecting agents, and deliver value for our customers.

正如 Dharmesh 所解釋的那樣，我們也有一個創新賭注，我們希望擁有一個充滿活力的代理開發人員生態系統，我們當然正在關注這一點。但我們策略的核心部分是建立客戶代理、勘探代理商並為我們的客戶提供價值。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Yamini, I wanted to revisit some of the share gain momentum that you're seeing in the mid-market, so that's 200 to 1,000 employee cohort. Now that you have the additional HIPAA qualifications from compliance, how do you think about which customers or which cohorts of customers in the mid-market makes the most sense for HubSpot?

Yamini，我想重新審視您在中端市場看到的一些份額成長勢頭，也就是擁有 200 到 1,000 名員工的群體。現在您已經獲得了合規的額外 HIPAA 資格，您如何認為哪些客戶或中端市場中的哪些客戶群對 HubSpot 最有意義？

And when you have your salespeople giving you feedback, are there specific targets or specific types of customers either by vertical or by mindset, that works better as potential HubSpot customers versus perhaps staying on their existing provider?

當您的銷售人員向您提供回饋時，是否有特定的目標或特定類型的客戶（以垂直或思維方式），哪些客戶更適合成為潛在的 HubSpot 客戶，而不是繼續使用現有供應商？

Gabriela, thanks a lot for the question. I think just stepping back, we have been focusing on 200 to 2,000. And you're absolutely right, the mid-market portion of our segmentation is kind of between 25 to 200. But I will say that your broader question on what are we seeing, which verticals, where do we see even further opening, I think the reason we've been able to consistently deliver results is because we're seeing momentum in all of our segments.

加布里埃拉，非常感謝你的提問。我認為，退一步來說，我們一直專注於 200 到 2,000。您說得完全正確，我們細分的中端市場部分大約在 25 到 200 之間。但我要說的是，你更廣泛的問題是，我們看到了什麼，哪些垂直領域，我們在哪些方面看到了進一步的開放，我認為我們之所以能夠持續取得成果，是因為我們在所有領域都看到了發展勢頭。

We've had a strategy where we want to drive acquisition at the lower end, and we want to continue to add value. Over the last few years, you have seen us do things like HIPAA support but also deliver more complex and sophisticated like the needs of the customers in the upmarket segments, and all of that has played through.

我們有一個策略，我們希望推動低端收購，並希望繼續增加價值。在過去的幾年裡，您已經看到我們做了諸如 HIPAA 支援之類的事情，但也提供了更複雜和更精密的服務，例如高端市場客戶的需求，所有這些都已經發揮作用。

And again, as I mentioned slightly before, it's not in one segment or in one vertical. And this is really driving a better product market fit for mid-market and upmarket customers, and we're doing it without compromising ease of use. When I talk to our customers, when I talk to our sales reps on where there is momentum, they will come back to the same reason.

再說一次，正如我之前提到的，它並不在某個細分市場或某個垂直領域。這確實推動了產品市場更好地適應中階市場和高端客戶，而我們這樣做並不會影響易用性。當我與我們的客戶交談時，當我與我們的銷售代表談論哪裡有發展動力時，他們都會回到同樣的原因。

We have a clear value proposition for mid-market and upmarket customers, which is easy to use, fast time to value and unify data. And because of that, there is just a ton of momentum in both mid-market as well as top market.

我們針對中階市場和高階客戶有明確的價值主張，即易於使用、快速實現價值並統一數據。正因為如此，中階市場和高端市場都呈現出巨大的發展動能。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

I guess maybe getting kind of the AI and macro question differently, as you look at the delta between upmarket traction and maybe kind of down-market traction at the same time, any different patterns of either copilot or agentic adoption that you're noticing between the two various cohorts?

我想也許你會以不同的方式看待人工智慧和宏觀問題，當你同時觀察高端市場吸引力和低端市場吸引力之間的差異時，你是否注意到兩個不同群體之間存在任何不同的副駕駛或代理採用模式？

And then anything even through the month of April in the pipeline around sales cycles that you're seeing maybe different between the enterprise versus low-end pipeline?

那麼，在整個四月份的銷售週期中，您是否發現企業通路和低階通路之間有什麼不同？

Yes, Alex. Thanks a lot for the question. So if I look at the sales pipeline, it remains healthy across all of the segments, and we've not seen significant changes in pipeline quality or velocity on any one of those segments, whether it is down market, mid-market, or upmarket. And as you can imagine, we're monitoring all of the key leading indicators, both top of funnel as well as pipeline conversion very closely.

是的，亞歷克斯。非常感謝您的提問。因此，如果我看一下銷售管道，就會發現它在所有細分市場中都保持著健康的狀態，而且我們並沒有看到任何一個細分市場的通路品質或速度發生重大變化，無論是低端市場、中端市場還是高端市場。正如您所想像的，我們正在密切監控所有關鍵領先指標，包括漏斗頂部以及管道轉換。

Now, if I were to give you color in terms of what's happening within the pipeline in Q1 as well as the beginning of Q2, I would remark it like a couple of different trends. The first one is we see a lot of multi-hub deals. And the consolidation of tech stack, the pattern that I talked about in the prepared remarks, that is what is continuing to drive that trend.

現在，如果我要向您介紹第一季和第二季初管道內發生的事情，我會將其描述為幾個不同的趨勢。首先，我們看到很多多中心交易。技術堆疊的整合，也就是我在準備好的發言中談到的模式，正在繼續推動這一趨勢。

Our prospects are frustrated with disconnected point solutions and hidden costs and overly complex implementations and setup and our message, but also proven ability to simplify their tech stack and lower the total cost of ownership while delivering value is resonating, and that's what we see in the pipeline.

我們的潛在客戶對於不連貫的點解決方案、隱藏成本以及過於複雜的實施和設置以及我們的訊息感到沮喪，但我們也證明了簡化他們的技術堆疊和降低總體擁有成本的能力，同時提供價值，這引起了共鳴，這就是我們在管道中看到的。

Now in terms of AI, I have a ton of conversations. They really like the fact that AI is built into the platform. Many of our customers, and this is kind of a cross segment, they have internal mandates of getting started with AI and they come to us. And we are likely one of the first AI solutions that they're working with, and they appreciate the fact that it's embedded, it is easy to use. It's easy to get started with, and they are excited about how fast we're innovating.

現在就人工智慧而言，我進行了大量對話。他們非常喜歡將人工智慧融入平台這一事實。我們的許多客戶（這是一個跨領域的客戶）都有開始使用人工智慧的內部要求，所以他們來找我們。我們可能是他們正在合作的首批人工智慧解決方案之一，他們很欣賞它的嵌入式和易於使用的特性。它很容易上手，而且他們對我們的創新速度感到興奮。

And I don't necessarily think that there is a difference between segments. The real factor is, is there someone within the customer who's leaning into AI. That tends to make the difference. But overall, we're winning because we are delivering clear value. We are helping our customers adopt AI quickly.

我不認為各個部分之間一定有差異。真正的因素是，客戶中是否有人傾向於人工智慧。這往往會產生影響。但整體而言，我們之所以能獲勝，是因為我們提供了明確的價值。我們正在幫助我們的客戶快速採用人工智慧。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

I wanted to drill a little bit more into pricing for all these AI solutions. Look, I totally understand the idea that you want to get it in front of customers, go through use case discovery before really trying to collect money. And I totally get that, I think that's the right thing to do. If we think about this idea of HubSpot credits for Breeze customer agents and expanding that, I guess two questions there.

我想更深入地了解所有這些人工智慧解決方案的定價。聽著，我完全理解你想把它呈現在客戶面前，在真正試圖收錢之前進行用例發現的想法。我完全理解這一點，我認為這是正確的做法。如果我們考慮 HubSpot 為 Breeze 客戶代理提供積分的想法並將其擴展，我想就會有兩個問題。

Number one, how should we be thinking about specifically on what vector our customers are paying? Is it for the amount of time they're using it? Is it outcome-based pricing? Is it token-based? Resource base? Any kind of puts and takes there would be helpful.

第一，我們該如何具體思考我們的客戶支付什麼費用？是與他們使用它的時間長短有關嗎？它是基於結果的定價嗎？它是基於代幣的嗎？資源基礎？任何類型的投入和收穫都會有所幫助。

And maybe alongside that, given how early we are in the technology, how do you balance wanting to obviously turn this into revenue over time, but also customers are notoriously terrible at forecasting their own usage of even something like AWS, let alone cutting-edge technology that pricing can be very opaque and confusing. How do you kind of help remove that friction and make it more predictable for your customers?

除此之外，考慮到我們在該技術領域還處於早期階段，您如何平衡想要將其隨著時間的推移轉化為收入，但同時客戶在預測自己對 AWS 等產品的使用情況方面也非常糟糕，更不用說定價可能非常不透明和令人困惑的尖端技術了。您如何幫助消除這種摩擦並讓您的客戶更加可預測？

Thank you so much for the question. I think it's like a two-part question that I'm going to try and answer. The first one is how are you thinking about this credit space system? And then how are you going to make it easy for your customers to kind of like adopt this? And both of those are super important and obviously something that we have been thinking about quite a bit.

非常感謝您的提問。我認為這是一個由兩部分組成的問題，我將嘗試回答。第一個問題是，您如何看待這個信用空間系統？那麼，您將如何讓您的客戶輕鬆採用這種技術呢？這兩者都非常重要，顯然我們也對此進行了深入思考。

Maybe I'll start with grounding us on the philosophy of monetization. Our philosophy is to deliver value and once we see consistent repeat value and we have high confidence, then we begin to add monetization levers. That has served HubSpot really well throughout our history, and that is exactly what we are doing with introducing customer agent as part of the credit-based system. And we launched credit-based pricing at INBOUND last year for Breeze Intelligence.

也許我應該先從貨幣化的哲學基礎開始。我們的理念是提供價值，一旦我們看到持續的重複價值並且我們有很高的信心，那麼我們就會開始添加貨幣化槓桿。在我們的整個發展歷程中，這一直為 HubSpot 提供著非常好的服務，而這正是我們將客戶代理作為基於信用的系統的一部分所做的事情。去年，我們在 INBOUND 為 Breeze Intelligence 推出了基於信用的定價。

And now because of the clear value and the adoption that we have seen with customer agents, we're adding customer agent to the same credit-based system. And really, the way we think about this is we want to make it super easy for our customers to get started, to start using and to scale with agents.

現在，由於我們看到了客戶代理的明確價值和採用率，我們將客戶代理添加到同一個基於信用的系統中。實際上，我們對此的想法是，我們希望讓我們的客戶能夠非常輕鬆地開始使用並與代理商一起擴展。

And therefore, the way it will work is Pro and Enterprise customers will have an allotment of credit that is included within their subscription. That means when they begin to start using customer agents, they can do that without adding additional cost. And as they increase usage and they want to scale, they can buy credits and they can either buy, pay, as you go or they can buy packs of credit and this gets to the second part of your question, which is by having super easy packs of credit, it gives our customers, especially scaling businesses, predictability and control over their spend.

因此，它的工作方式是 Pro 和 Enterprise 客戶將獲得包含在其訂閱中的一定額度的信用額度。這意味著當他們開始使用客戶代理時，他們可以做到這一點而無需增加額外的成本。隨著使用量的增加和擴大規模，他們可以購買積分，可以即買即付，也可以購買積分包，這就涉及到你問題的第二部分，即透過超級簡單的積分包，它為我們的客戶，特別是擴大規模的企業，提供了對其支出的可預測性和控制力。

And that's what we have seen even in the earlier adoption of Breeze Intelligence credit pack. They want the ability to be able to predict it, and that's exactly what we are doing. What you can expect is that we'll just have a universal credit system. And because we are a platform, not a point solution, that credit consumption will be based on the value that these agents will deliver and provide. So in the case of customer agents, it will be the number of conversations that we enable with AI.

這也是我們在早期採用 Breeze Intelligence 信用包時所看到的情況。他們希望能夠預測這一點，而這正是我們正在做的事情。你所期待的是，我們將擁有一個通用的信用體系。因為我們是一個平台，而不是一個點解決方案，所以信用消費將基於這些代理商交付和提供的價值。因此，對於客戶代理來說，這將是我們利用 AI 實現的對話次數。

In the case of prospecting agents, it might be the number of meetings that we book. So it will consume credit based on the value that we are delivering. I feel really good that we are expanding AI monetization to include both seat space and credit space component. And I feel the platform approach that we have taken to bring these agents to bear will really help us scale our monetization alongside the value that we are delivering to our customers.

對於尋找代理商的情況，它可能是我們預訂的會議次數。因此它將根據我們提供的價值消耗信用。我很高興我們正在擴大人工智慧貨幣化，將座位空間和信用空間部分都納入。我認為，我們為這些代理商採取的平台方法將真正幫助我們擴大獲利能力以及向客戶提供的價值。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Kate, I think we anniversaried the new seat-based pricing during this quarter. I was wondering if you look at the stability of gross retention and what we see in MRR, what are you seeing from those cohorts of customers as we get to that anniversary mark? Is there perhaps better potential gross retention trends by landing people that the more appropriate levels are more suitable levels to their needs?

凱特，我想我們在本季慶祝了新的基於座位的定價政策的周年紀念日。我想知道，如果您看一下總留存率的穩定性以及我們在 MRR 中看到的情況，當我們到達週年紀念日時，您會從這些客戶群中看到什麼？透過吸引更適合其需求的人員，是否可能帶來更好的潛在總保留趨勢？

Yes. Parker, thank you so much for the question. We are continuing to see really nice momentum as it relates to the seats space pricing model change that we made about a year ago. What we are seeing is really strong and consistent seat upgrade trends, and that happens both because customers get started with the seats that they need and they grow from there and it also happens because customers are adopting more core seats, which is a reflection of the value that we're delivering in the core CRM, which we always knew.

是的。帕克，非常感謝你的提問。我們繼續看到非常好的勢頭，因為這與我們大約一年前做出的座位空間定價模式改變有關。我們看到的是真正強勁且持續的席位升級趨勢，這是因為客戶從他們需要的席位開始，然後從那裡開始成長，也是因為客戶正在採用更多的核心席位，這反映了我們在核心 CRM 中提供的價值，我們一直都知道這一點。

Migrations continue. They're going well. We continue to expect that most of the customer base will migrate by the end of 2025 and as we shared at Analyst Day, we expect that 50% to 60% of the MRR of our existing customer base will go through their first renewal by the end of 2025. I also shared in my prepared remarks that net revenue retention is likely to be up a couple of points this year. That is, in large part, a result of the tailwinds we're seeing from the seats-based pricing model change.

遷徙仍在繼續。他們進展順利。我們繼續預計，到 2025 年底，大多數客戶群將遷移，正如我們在分析師日所分享的那樣，我們預計，到 2025 年底，我們現有客戶群的 50% 至 60% 的 MRR 將經歷首次續約。我在準備好的發言中也提到，今年的淨收入保留率可能會上升幾個點。這在很大程度上是我們看到的基於座位的定價模式變化所帶來的順風的結果。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I wanted to follow up on the announcement about customer agent expanding beyond Service Hub. Just getting customer agent, just went GA, I think earlier this year. Can you just talk to some of the success that you're seeing that gives you confidence to roll out across the broader platform so soon?

我想跟進有關客戶代理超越服務中心擴展的公告。剛剛獲得客戶代理，剛剛進入 GA，我想是今年早些時候。您能否談談您所看到的一些成功案例，這些成功案例讓您有信心這麼快在更廣泛的平台上推出產品？

And also, given just the benefits of agents plus data, over time, is there an opportunity you think to use agents to push into more adjacent categories that may not necessarily be core hubs today?

此外，考慮到代理商和資料的優勢，隨著時間的推移，您是否認為有機會利用代理商來推動更多相鄰的類別，而這些類別不一定是當今的核心中心？

Elizabeth, I love the question. I'll take both the parts there. We're very excited about the momentum that we're seeing with customer agent. I talked a little bit about the adoption that we're seeing. We have over 2,500 customers, average of 50-plus resolution rates.

伊莉莎白，我喜歡這個問題。我會把這兩個部分都帶到那裡。我們對客戶代理的發展勢頭感到非常興奮。我稍微談了一下我們所看到的採用情況。我們擁有超過 2,500 名客戶，平均解決率超過 50。

And in a number of cases, it just takes 15 to 30 minutes to set it up, especially if the customers have well-documented knowledge base and history of tickets. And so this is a place where we feel very comfortable for customers to get started with and get value fast.

在許多情況下，只需 15 到 30 分鐘即可完成設置，特別是如果客戶擁有完善的知識庫和票證歷史記錄。因此，我們感到非常舒適，客戶可以在這裡開始並快速獲得價值。

But what is even more interesting, and you mentioned this, is when we were observing the early adoption patterns carefully, what we found is that customers are already using it beyond post-sale support request. And we're seeing customers already use it within marketing when someone asked them, hey, where is the next webinar or where should I go for this particular event? Customer agents are answering that, same thing with sales.

但更有趣的是，正如您所提到的，當我們仔細觀察早期採用模式時，我們發現客戶已經在售後支援請求之外使用它了。我們看到客戶已經在行銷中使用它，當有人問他們，嘿，下一個網路研討會在哪裡，或者我應該去哪裡參加這個特定的活動？客服人員正在回答這個問題，銷售也是一樣。

Sales teams are leveraging it to handle inquiries on pricing and product features and driving better prospect engagement. So the big aha for us is that, one, customers really want the context across the whole customer journey. And two, we are uniquely positioned as a platform to be able to deliver that type of an agent. And so we really believe that customer agent is one where every customer can benefit from, so excited about that.

銷售團隊正在利用它來處理有關價格和產品功能的詢問，並推動更好的潛在客戶參與。因此，對我們來說最大的驚喜是，第一，客戶確實希望了解整個客戶旅程的背景。其次，我們作為一個平台擁有獨特的優勢，能夠提供此類代理。因此，我們確實相信客戶代理是每個客戶都能從中受益的代理，我們對此感到非常興奮。

I think the second part of your question, agents plus data, does that have like a bigger impact? Look, we think that we're just getting started with AI. And if I were to frame it, if everything that we did with our apps was to help people do their job, I think agents allow us to do the work to help people. And that's a huge transformation. And that means that the opportunity becomes much bigger.

我認為你問題的第二部分，代理加上數據，是否會產生更大的影響？看，我們認為我們才剛開始接觸人工智慧。如果我要這樣定義的話，如果我們使用應用程式所做的一切都是為了幫助人們完成他們的工作，那麼我認為代理商可以讓我們完成工作來幫助人們。這是一個巨大的轉變。這意味著機會變得更大。

It's not really just the software spend that we're thinking about. It's the labor replacement and the labor augmentation that we can now be part of. And so is there adjacent categories? Absolutely. I think there's multiple ways in which we can add value to our customers. And that is what is exciting about not just where we are getting started, but where we can go over the next few years. Super exciting.

我們考慮的不僅僅是軟體支出。我們現在可以參與勞動力替代和勞動力增強。那麼有相鄰的類別嗎？絕對地。我認為我們可以透過多種方式為客戶增加價值。這不僅讓我們對現在的起點感到興奮，也讓我們對未來幾年的發展感到興奮。超級刺激。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I wanted to ask a question about agents as well here, if I could. Could you give us a sense for how plug-and-play agents are in HubSpot? Is it as plug and play as what HubSpot's known for the simplicity of getting out single hub, multi-hub deals? Is there a certain amount of data prep that's involved here? We're kind of used to thinking about this as an effort for customers in a deployment cycle, the data layer and then the orchestration.

如果可以的話，我也想在這裡問一個關於代理商的問題。您能否向我們介紹一下 HubSpot 中的即插即用代理程式是如何實現的？它是否像 HubSpot 一樣，以簡單易行的單中心、多中心交易而聞名，即插即用？這裡是否涉及一定量的資料準備？我們習慣將此視為客戶在部署週期、資料層和編排方面的努力。

Are these just features that run within HubSpot and customers don't think of it any differently than that? So if you could provide a little sense for the effort involved, if at all, to spin up an agent?

這些只是 HubSpot 內部運作的功能，而客戶對它的看法與此沒有什麼不同嗎？那麼，您是否可以稍微解釋一下啟動代理需要付出的努力（如果有的話）？

Yes. I would say that you'd have to expect that we'll take any technology and will make it easy for our customers to adopt. I think that's why we have won, and that's why we will continue to win in the agentic world as well, Brad.

是的。我想說的是，你必須期待我們會採用任何技術，並讓我們的客戶輕鬆採用。我認為這就是我們獲勝的原因，這也是我們將在代理世界中繼續獲勝的原因，布拉德。

And maybe to answer your question a little bit of depth, agents can augment work for every go-to-market employee. And in order for agents to do it effectively, you need a few things. First of all, agents thrive on data, structured data, unstructured data, external data. And we have always been fantastic at having that structure data. Now, we're expanding and getting all of that unstructured data so we can give agents deep, actionable insights from that data right out of the box.

也許可以更深入地回答您的問題，代理商可以為每位上市員工增加工作量。為了讓代理商有效地完成這項工作，您需要做幾件事。首先，代理依靠資料、結構化資料、非結構化資料、外部資料而蓬勃發展。我們一直非常擅長掌握這種結構數據。現在，我們正在擴展和獲取所有非結構化數據，以便我們可以直接從這些數據中為代理提供深入、可操作的見解。

The second thing is agents need context. Imagine an employee getting onboarded within a company, well, that employee needs context. What's your product, who is your customer, what's your brand voice, how do you communicate to your ideal customer profile? That's exactly what an agent needs, and we have the ability to bring that context across the customer journey.

第二件事是代理需要背景。想像一下，一名員工在公司內部入職，那麼，該員工需要背景資訊。您的產品是什麼，您的客戶是誰，您的品牌聲音是什麼，您如何與您的理想客戶溝通？這正是代理商所需要的，我們有能力在整個客戶旅程中提供這種背景資訊。

And so the agents that we're developing naturally have the deep context across the whole customer journey. And then there's agents that need intelligence. They need to be able to reason, they need to be able to act, and that's why our platform-centric approach works.

因此，我們正在開發的代理商自然對整個客戶旅程有深入的了解。然後還有需要情報的特務。他們需要有推理能力，他們需要有行動能力，這就是我們以平台為中心的方法有效的原因。

So all of this, what does it translate into for our customers? Well, our customers will need data. And if not, we'll help them get the data in a single unified matter. And once they have the data, then adopting agents is not such a big deal. Once they have the data, especially like for customer agents, we're seeing -- it takes like 15, 30 minutes.

那麼，這一切對我們的客戶來說又意味著什麼呢？嗯，我們的客戶需要數據。如果沒有，我們將幫助他們以統一的方式獲取數據。一旦他們有了數據，那麼採用代理就不是什麼大問題了。一旦他們獲得數據，特別是對於客戶代理來說，我們看到——這需要 15 到 30 分鐘。

If you have well documented knowledge bases, if you have a history of support ticket, if you have enough to feed that agent, it takes no more than that. So our job is to take complex technology and be world-class at applying that technology to SMBs, and that's what we are excited about, and that's how we're driving the innovation in this cycle.

如果您擁有記錄詳盡的知識庫，如果您擁有支援票的歷史記錄，如果您擁有足夠的資源來滿足該代理商的需求，那麼僅此而已。因此，我們的工作是採用複雜的技術，並世界一流地將該技術應用於中小型企業，這就是我們感到興奮的地方，這就是我們在這個週期中推動創新的方式。

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

How are you thinking about the normalization of upgrades in 2025 after a few years where you could argue there was some pent-up demand building and how are you thinking about this contribution to net new ARR growth for the year versus the last few years?

經過幾年的努力，您可能會認為存在一些被壓抑的需求，您如何看待 2025 年升級的正常化？與過去幾年相比，您如何看待今年對淨新 ARR 成長的貢獻？

Yes, Josh, thank you very much for the question. I think that I would answer the question maybe by taking a step back and talking about what we are seeing with net revenue retention, which is really where you see the impact of upgrades show up in our metrics.

是的，喬希，非常感謝你的提問。我認為，我可以透過退一步來回答這個問題，談談我們在淨收入保留方面所看到的情況，這實際上是升級的影響在我們的指標中體現出來的地方。

As you know, net revenue retention was kind of seasonally down a couple of points, but the conversation we had last quarter was that we were going to see net revenue retention up a couple of points in 2025 relative to 2024. This is a reflection of a couple of things.

如您所知，淨收入保留率因季節性而下降了幾個點，但我們上個季度的討論是，我們將看到 2025 年的淨收入保留率相對於 2024 年上升幾個點。這反映出了幾件事。

The first is really a continued strong customer dollar retention. We consistently see customer dollar retention hanging out in the high 80s, which is a very healthy number. And then what we are seeing in terms of upgrades and sort of the year-over-year growth is very much focused around seat expansion. And we made the pricing model change to the new seat space pricing model about a year ago.

首先是持續強勁的客戶美元保留率。我們一直看到客戶美元保留率徘徊在 80% 左右，這是一個非常健康的數字。然後，我們看到的升級和同比增長主要集中在座位數增加。大約一年前，我們將定價模式改為新的座位空間定價模式。

We are seeing seat upgrade rates be up year over year. And again, that's a combination of new customers who start on the new seats-based pricing model, buying what they need, adopting more seats over time as their businesses grow. And it's also a reflection of higher paid seat ratios. We are monetizing the core CRM through our core seats.

我們看到座位升級率逐年上升。再次強調，這是新客戶的組合，他們開始採用新的基於席位的定價模式，購買他們需要的席位，隨著業務的增長，隨著時間的推移採用更多的席位。這也反映出付費座位比例較高。我們正在透過核心席位將核心 CRM 貨幣化。

That was something new in the new pricing model, and we are seeing customers really see value in that core CRM functionality. And that's the main driver of the increased expansion year over year.

這是新定價模式中的新內容，我們看到客戶確實看到了核心 CRM 功能的價值。這是逐年擴張的主要驅動力。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

I wanted to try to understand how you're thinking broadly about consumption revenue adding to the model? So to break it down, you did introduce rather consumption-based pricing last year. Yamini, you clearly said that the customer agents wouldn't contribute this year. But I'm trying to understand, if I think philosophically about the next couple of years, how will consumption-based pricing contribute to revenue growth?

我想嘗試了解您如何廣泛地思考消費收入添加到模型中？具體來說，去年你們確實引入了基於消費的定價。Yamini，你明確說過客戶代理今年不會做出貢獻。但我試著理解，如果我從哲學角度思考未來幾年，基於消費的定價將如何促進收入成長？

The answer could be something to the extent of we see it adding x basis points or more likely. Is there any way to characterize if you thought about your growth algorithm that 90% comes from traditional seat base and 10% comes from consumption? But any dynamics you could give us on how, at least philosophically, you're thinking about consumption adding to growth over the longer term?

答案可能是我們看到它增加 x 個基點或更有可能。如果您考慮成長演算法，那麼有什麼方法可以描述 90％ 來自傳統座位基礎，10％ 來自消費？但是您能否為我們提供一些動態，至少從哲學角度，您認為從長遠來看消費將如何促進成長？

Yes. Thanks, Keith. And I'll just start by appreciating the reiteration you had that the new credit-based model will not have a material impact on 2025. So thank you. That said, over the medium to long term, we are really excited about the opportunity to drive top line growth through our consumption model through credits on AI and other forms of consumption.

是的。謝謝，基斯。首先，我很欣賞您重申的一點，即新的基於信貸的模式不會對 2025 年產生實質影響。所以謝謝你。也就是說，從中期到長期來看，我們真的很高興有機會透過人工智慧和其他形式的消費信貸，透過我們的消費模式來推動營收成長。

That said, you heard this from Yamini, we do believe that AI is a mix of seats and consumption through the credit system. And it's honestly early for us to really understand how that balance will play out over time. I would say, as we learn, we will continue to share more information with you.

話雖如此，您從 Yamini 那裡聽說了這一點，我們確實相信 AI 是透過信用系統將座位和消費相結合。說實話，現在我們還無法真正理解這種平衡將如何隨著時間的推移而發揮作用。我想說，隨著我們了解情況，我們將繼續與你們分享更多。

Ken Wong, Oppenheimer & Company.

奧本海默公司 Ken Wong。

Kate, you mentioned moderating customer net adds down to 9,000 from 9,000 to 10,000. Is that just kind of the seasonal dynamics of the back half? Or are you deliberately trimming that funnel a little bit due to the macro uncertainty?

凱特，您提到將客戶淨增數從 9,000 減少到 10,000。這只是後半部的季節性動態嗎？或者由於宏觀不確定性，您是否故意稍微修剪一下這個漏斗？

Yes. Thanks, Ken, for the question. I think like over the last few quarters, we've talked about 9,000 to 10,000 as the range to be focused on for net adds. This quarter, we came in a little bit above, which was nice. Maybe I would say the following.

是的。謝謝 Ken 提出這個問題。我認為，就像過去幾個季度一樣，我們討論的淨增值範圍是 9,000 到 10,000。本季度，我們的成績略有提升，這很好。也許我會說以下的話。

We continue to see healthy growth additions through all of our customer sizes. We continue to see really nice professional and enterprise net customer adds. At the starter tier, we are lapping these large cohorts of starter additions that were driven by pricing and packaging changes. And it's that expectation that that's going to continue here that leads us to point toward a net adds number that's closer to 9,000.

我們繼續看到所有規模的客戶都實現了健康的成長。我們繼續看到非常好的專業和企業網路客戶增加。在入門級產品方面，我們正在整合大量受定價和包裝變化推動的入門級產品。正是這種預期將持續下去，讓我們預測淨增人數將接近 9,000。

Now you didn't ask the question, but I'm going to answer it anyway, which is what's going to happen to ASRPC as a result because that's frankly just an output metric. In Q1, you saw ASRPC down low-single digits, which was in line with what we told you last quarter. We're going to expect over the next couple of quarters that ASRPC growth is basically going to be flat.

現在你沒有問這個問題，但我還是要回答，這就是 ASRPC 最終將會發生什麼，因為坦白說，這只是一個輸出指標。在第一季度，您會看到 ASRPC 下降了個位數，這與我們上個季度告訴您的情況一致。我們預計未來幾季 ASRPC 的成長將基本持平。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Kate, I think part of the expectation for net retention rate to improve also has to do with the pricing adjustment, right, the pricing increase of no more than 5% upon renewal on the seat-based model. And I'm just curious, given now that we are introducing more credit-based pricing on the higher tiers, and uncertainty persists, any kind of update on what you're thinking in terms of your willingness or flexibility for customers coming up for renewal on the pricing increase in the second half?

凱特，我認為淨留存率提高的預期也與價格調整有關，對的，基於座位的模式續訂時價格上漲不超過 5%。我只是好奇，鑑於我們現在在更高層級引入了更多基於信用的定價，並且不確定性仍然存在，對於下半年價格上漲時續約的客戶，您有何看法？您是否願意或靈活地考慮一下？

Yes. Thanks very much for the question. You are right that the net revenue retention increase year over year is a combination of healthier seat upgrade rates and the pricing impact. Customers migrate from the old legacy model to the new seats-based pricing model at a neutral ARR. And then when they come up for their first renewal, we said we would take up to 5%.

是的。非常感謝您的提問。您說得對，淨收入保留率的逐年增加是更健康的座位升級率和定價影響的結合。客戶以中性 ARR 從舊的傳統模式遷移到新的基於座位的定價模式。然後，當他們第一次續約時，我們說我們會收取最多 5% 的費用。

That has been going -- the sort of total migration of customers over to the new seats-based model has been going well, going very similar to plan. I think the expectation is that that will continue through the year.

一切進展順利——客戶向新的基於座位的模式的全面遷移進展順利，與計劃非常相似。我認為這種趨勢有望持續一整年。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

I don't know who should take this, Dharmesh or Kate or Yamini even. But I was just kind of curious, can you give us an update on sort of the use of AI internally at HubSpot and maybe how that's trending? And if there's any impact on you all from, I guess, an OpEx growth perspective?

我不知道誰該接受這個，是 Dharmesh 還是 Kate 還是 Yamini。但我只是有點好奇，您能否向我們介紹 HubSpot 內部使用人工智慧的最新情況以及其發展趨勢？從營運支出成長的角度來看，這會對你們所有人產生什麼影響嗎？

I know there's a lot -- Dharmesh, on your side, in terms of the coding agents and the benefits of those. We've heard a lot from some of your peers. So I just wondered if you could give us a quick update on that.

我知道有很多——Dharmesh，站在你這邊，就編碼代理商及其好處而言。我們從一些同行那裡聽到了很多意見。所以我只是想知道您是否可以向我們簡要介紹此事。

Yes, Kirk, I'm happy to take this and answer it, this is Yamini. Look, we were very early in our pivot to using AI internally, just as quickly as we pivoted from a product roadmap perspective, we've been experimenting and scaling internally. 2023, 2024 was a lot of experimentation and learning. And this year and next year is going to be a lot of scaling from the lessons that we have learned.

是的，柯克，我很高興接受這個問題並回答，我是亞米尼。你看，我們在內部使用人工智慧的轉變非常早，就像我們從產品路線圖角度轉變一樣快，我們也一直在內部進行實驗和擴展。 2023 年、2024 年是大量的實驗和學習。今年和明年，我們將從已學到的教訓中取得很大進展。

And probably I'll highlight a few areas that we are using internally and getting a ton of value. The first one is support. Now we've talked about support being a slam dunk use case in terms of leveraging AI. Last year, 35% of our support tickets were resolved with AI. Already in Q1, we're seeing up to 41%, and we've been able to hold headcount flat within our support organization for the last 18 months, and we've been able to drive more proactive support based on how we're doing this.

我可能會重點介紹一些我們內部正在使用並獲得大量價值的領域。第一個是支持。現在我們已經討論了支援是利用人工智慧的一個關鍵用例。去年，我們 35% 的支援單都是透過人工智慧解決的。在第一季度，我們已經看到了 41% 的成長，並且在過去的 18 個月中，我們能夠保持支持組織內的員工人數保持不變，並且我們能夠根據我們的做法推動更主動的支持。

So that's an area. I'd say the prospecting is another one. You can imagine AI being super easy to look at accounts and send emails to accounts and set up meetings. And in Q1, we booked nearly 11,000 meetings using AI for our sales team. So it's driving productivity there.

這就是一個區域。我想說勘探是另一個。你可以想像人工智慧可以非常輕鬆地查看帳戶、向帳戶發送電子郵件並安排會議。在第一季度，我們利用人工智慧為銷售團隊預訂了近 11,000 次會議。因此它正在推動那裡的生產力。

And of course, marketing, we've been doing a lot of work internally with marketing. And we've been at the forefront of leveraging it, and we've seen clear improvements in e-mail conversion rates up to 80% improvement in e-mail conversion rates through leveraging AI for personalization and we've been able to move most of our web chats that are now being handled by AI and automation.

當然，在行銷方面，我們在內部做了很多行銷工作。我們一直處於利用人工智慧的前沿，透過利用人工智慧進行個人化，我們看到電子郵件轉換率明顯提高，最高可達 80%，並且我們已經能夠將大多數網路聊天轉移到人工智慧和自動化系統上處理。

So within our go-to-market engine, there's just a ton of experimenting and scaling with AI, and we feel really good about what that will lead to in terms of midterm and long-term efficiencies. At the same time, we're using it within our product organization. Our developers are using AI to increase their productivity.

因此，在我們的行銷引擎中，我們對人工智慧進行了大量的實驗和擴展，我們對這將在中期和長期效率方面帶來的影響感到非常滿意。同時，我們也在我們的產品組織內使用它。我們的開發人員正在使用人工智慧來提高他們的工作效率。

And one of the reasons we've been able to accelerate our pace of innovation over the last couple of years and certainly this last year has been leveraging AI. What is interesting is that the first gen of developer productivity was via copilot types of things like GitHub. And now we're on to using cursor and cloud code and leveraging agents for developer productivity, and that is super exciting.

我們在過去幾年，尤其是去年，能夠加快創新步伐的原因之一就是利用了人工智慧。有趣的是，第一代開發人員的生產力是透過像 GitHub 之類的副駕駛類型的東西來實現的。現在我們開始使用遊標和雲端程式碼並利用代理程式來提高開發人員的工作效率，這是非常令人興奮的。

So overall, we have a huge set of initiatives that we are scaling, and this is all going to have midterm to long-term impact in terms of efficiency, but we also have this added benefit of learning fast and sharing those best practices with our customers. So feel very good about it.

總的來說，我們正在擴展一系列的計劃，這些計劃將對效率產生中期和長期的影響，但我們也有一個額外的好處，那就是快速學習並與我們的客戶分享最佳實踐。所以感覺非常好。

Thank you. This concludes the HubSpot Q1 2025 earnings call. Thank you to everyone who was able to join us today. You may now disconnect your lines.

謝謝。HubSpot 2025 年第一季財報電話會議到此結束。感謝今天能加入我們的所有人。現在您可以斷開線路了。